Best Buy (NYSE:BBY) Stock Price Up 3.9% Following Analyst Upgrade

Best Buy Co., Inc. (NYSE:BBY)’s stock price traded up 3.9% on Friday after JPMorgan Chase & Co. raised their price target on the stock from $111.00 to $117.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Best Buy traded as high as $90.09 and last traded at $89.92. 1,115,489 shares traded hands during trading, a decline of 63% from the average session volume of 2,987,479 shares. The stock had previously closed at $86.51.

A number of other analysts also recently weighed in on the stock. Loop Capital increased their target price on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, August 30th. StockNews.com lowered shares of Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Telsey Advisory Group raised their target price on Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. The Goldman Sachs Group increased their price target on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Finally, Melius Research initiated coverage on Best Buy in a report on Monday, September 23rd. They set a “hold” rating and a $100.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Best Buy has an average rating of “Moderate Buy” and a consensus target price of $103.71.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of BBY. TCW Group Inc. increased its stake in Best Buy by 156.6% in the 3rd quarter. TCW Group Inc. now owns 316,593 shares of the technology retailer’s stock worth $32,704,000 after purchasing an additional 193,209 shares during the period. Toronto Dominion Bank raised its holdings in Best Buy by 82.2% during the 3rd quarter. Toronto Dominion Bank now owns 102,292 shares of the technology retailer’s stock valued at $10,567,000 after buying an additional 46,152 shares during the last quarter. Coldstream Capital Management Inc. bought a new stake in Best Buy during the 3rd quarter valued at $367,000. Geode Capital Management LLC boosted its position in Best Buy by 2.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after buying an additional 120,185 shares during the period. Finally, LRI Investments LLC grew its holdings in Best Buy by 632.1% in the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after acquiring an additional 335 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Trading Up 3.5 %

The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The firm’s 50 day moving average price is $94.72 and its 200 day moving average price is $88.62. The stock has a market capitalization of $19.23 billion, a P/E ratio of 15.44, a P/E/G ratio of 2.28 and a beta of 1.47.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.18. The business had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business’s revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the business posted $1.22 EPS. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.20%. The ex-dividend date was Thursday, September 19th. Best Buy’s dividend payout ratio is currently 64.83%.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.